When markets are volatile, even the smallest delay in a crypto transaction can be exceedingly costly.
And now, a cryptocurrency wallet says it has devised a solution that allows transfers to be completed in under three minutes — irrespective of how many transactions are in the queue.
Freewallet has partnered up with Changelly for the new feature, and a grand total of 54 coins are supported by the technology, along with ERC-20 tokens. This includes the world’s biggest cryptocurrencies — Bitcoin (BTC), Ether (ETH), EOS (EOS) and Litecoin (LTC).
The benefits
Aside from the time savings associated with this technology, Freewallet says there are several other advantages, too. Customers will benefit from substantially lower costs, as they won’t have to pay transaction fees. Unlike on-chain transfers, where it’s possible to ascertain someone’s identity by assessing their trading habits and purchasing patterns, this off-chain approach can help preserve user anonymity.
Changelly CEO Eric Benz said, “Freewallet remains one of my favorite wallet apps out there and our partnership continues to go from strength to strength. With the ability to perform off-chain transactions, Freewallet now performs at a much higher speed and the overall cost for the customer has in turn become lower.”
Freewallet head of PR Solomon Brown was equally enthusiastic, adding, “We’ve been working with Changelly for a long time. Our successful experience together and mutual trust have allowed us to integrate off-chain exchanges into Freewallet and thereby further advance in our goal of providing the best service possible to our over three million users.”
The technology is available to use through Freewallet’s apps, which are available for web wallet and both iOS and Android devices.
Recently, the reliability of the services offered by crypto exchanges has been thrust into the spotlight. Coinbase has been criticized for repeatedly suffering outages whenever Bitcoin has made a massive price move, and in some cases, traders have been unable to log into their accounts as the value of their assets plummeted.
Appeal of standalone wallets
Freewallet is a custodial service. This means that if something goes wrong with a transaction, users can contact the customer support team for help in fixing the issue. Accounts can also be recovered in the event that a password or username is forgotten.
Four sign-in methods are available for the users of Freewallet, including via email, Google, Facebook and phone number.
The Freewallet family includes more than 20 wallets for single coins as well as its flagship multicurrency wallet, Crypto Wallet. As previously reported by Cointelegraph, the platform believes that there is growing demand for single-currency crypto wallets despite an ever-increasing trend of wallets that allow dozens of coins to be stored in one place.
The company argued that the appeal of standalone wallets lies in how they offer familiarity and convenience to those who dislike holding all of their assets in one place. Freewallet drew a comparison between standalone wallets and credit cards that support a single currency. Those who use single-currency wallets can also benefit from lower transaction fees, as they’ll get the opportunity to pay in and out with crypto on more favorable terms.
Working with the community
The company recently announced that it is holding a crypto exchange marathon from June 15 to July 12 for active users. Three users with the highest cumulative transaction sums and another three who have made the most transactions will be rewarded with extra cashback. More prizes will be offered to five users at random on a weekly basis for one month, the team notes.
Freewallet also announced a raffle for the most inspiring stories and use cases. According to the company, the author of the story with the most likes, comments and shares on Twitter will get an extra prize from the team.
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